Global electric motors market expected to reach £100 billion by 2022

29 March 2016 by Carl Brennand

The worldwide market for electric motors is set to be worth £100 billion ($141.7 billion) in just six years, according to a study from Grand View Research. That’s a growth of 4.5 per cent from 2015 to 2022 – so what are the reasons behind the projected increase?

1. Because electricity prices around the world remain unstable, there is a need to keep power consumption as low as possible. This is driving an ever-growing demand for the most energy-efficient electric motors.

2. Worldwide energy-efficiency legislation is becoming ever more rigorous. For example, the latest phase of the EU MEPS (European Minimum Energy Performance Standards) energy-efficiency standard for electric motors comes into effect on January 1st 2017. This legislation states that motors with a rated output of 0.75-375 kW must be rated at IE3 efficiency or IE2 if coupled with a variable-speed drive. Many companies will be forced to replace a large number of their electric motors in order to comply with this mandatory regulation, driving up demand.

3. Manufacturers are always looking to automate their processes as much as possible, which means it’s inevitable that in the coming years demand for motors of all sizes will increase.

4. The average car contains as many as 30 electric motors of varying sizes, powering devices such as automatic windows, the starter, windscreen wipers and air conditioning. Vehicles account for around a third of the entire electric motor market and are expected to remain the dominant user due to the increasing demand for electric and hybrid cars.

5. Homes are filled with gadgets and appliances designed to make our lives easier. Many of these, such as dishwashers, microwave ovens, computers and toys contain electric motors. It’s expected that as advances in technology are made, these devices will become more affordable and demand will increase.

Here at Gibbons we’ll continue to support the growing demand for electric motors as we supply high-performance energy-efficient equipment across the world. To enquire about electric motors for your application, call Carl Green on 01621 868138 or email carlg@gibbonsgroup.co.uk.